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Obama says election will determine course of economy
(Reuters) - President Barack Obama cast his re-election battle with Mitt Romney as a clash between starkly different economic visions on Thursday and warned that his Republican rival would hollow out the middle class in a speech that could set the tone for months of intense campaigning.
Seeking to gain some footing after a string of bad economic news and a political stumble, Obama said the November 6 election would put the United States on one of two paths: an economy built on education and scientific research that delivers a broadly shared prosperity, or a Republican approach that cuts taxes for the wealthy and undermines opportunity for many others.
"This November, you can remind the world how a strong economy is built - not from the top down, but from a growing, thriving middle class," Obama told a crowd of 1,500 at a community college gymnasium in Ohio, a politically divided state that could be key in determining who wins the November election.
Romney, the presumptive Republican presidential nominee, was not ceding the battlefield to Obama. Campaigning at the other end of Ohio, he struck first in a speech that ended four minutes before Obama took the stage.
With the economic recovery on the verge of stalling for the third summer in a row and Romney having pulled even with the president in voter surveys, Democratic allies have worried Obama could lose the election if he simply tried to convince voters they are better off than when he took office in 2009.
On Thursday, in a somber and deliberately paced presentation that recalled Obama's days as a law school lecturer, the president described a 20-year history of U.S. economics that began with the prosperous years of Democrat Bill Clinton's administration.
Obama then described the economic downturn during the administration of his predecessor, Republican President George W. Bush, and warned that Romney appeared ready to follow the same approach to the economy.
"We were told that huge tax cuts, especially for the wealthiest Americans, would lead to faster job growth," Obama said. "We were told that fewer regulations, especially for big financial institutions and corporations, would bring about widespread prosperity. "We were told that it was OK to put two wars on the nation's credit card; that tax cuts would create enough growth to pay for themselves.
"That's what we were told. So how did this economic theory work out? For the wealthiest Americans it worked out pretty well. ... But prosperity never trickled down to the middle class."
In essence, Obama - whose speech did not include any new economic ideas - appeared to be banking on the notion that voters will consider the U.S. economy's past and its potential, not just the present, when they vote this fall.
"He defined what I take to be his argument over the next five months," said Brookings Institution scholar William Galston, a former adviser to Clinton. "He is going to argue that nobody likes where we are now. The issue is what we'd do about it."
Romney remains a blank slate to many voters, but Obama's predecessor, Bush, is still unpopular. Two-thirds of Americans blame Bush for the troubled economy, according to a Gallup poll; only half point to Obama.
Standing behind a podium that bore the motto "FORWARD," Obama argued that a President Romney would bring back the weak oversight, budget-busting tax cuts and illusory growth that marked Bush's term.
"We can't afford to jeopardize the future by repeating the mistakes of the past. Not now, not when we've got so much at stake," he said.
VOTERS: FEW SIGNS OF IMPROVEMENT
Romney in his speech noted that Obama had "been president for 3 1/2 years."
"And talk is cheap; actions speak very loud. If you want to see the results of his economic policies, look around Ohio, look around the country," Romney said at Seilkop Industries, a Cincinnati manufacturer.
Ohio was hit hard by the recession but has bounced back, thanks to a natural-gas boom and strong growth in manufacturing and biotech.
Unemployment in the state, which peaked at 10.6 percent early in Obama's term, has since fallen to 7.4 percent, well below the national average of 8.2 percent. Obama's decision to bail out domestic automakers also has provided a boost.
"I think the people in Ohio recognize that we are better off than we were when President Obama took the oath of office," said former Ohio Governor Ted Strickland, a national co-chairman of Obama's campaign.
But focus groups indicate that many voters in Ohio and across the nation feel they are seeing few signs the economy is turning around.
Obama's approval ratings have slipped to their lowest level since January - to 47 percent from 50 percent a month ago - because of deep economic worries, wiping out most of his lead in the presidential race, a Reuters/Ipsos poll showed on Tuesday.
He did not help his cause last week when he said the private sector was "doing fine" compared with struggling local governments, a remark that Republicans said showed he had little understanding of Americans' economic troubles.
"It's not a campaign that is on strong footing right now," said Princeton historian Julian Zelizer. "I think the Democrats have reason to be nervous."
FROM GRIT TO GLITZ
After the speech, Obama headed from blue-collar Cleveland to a glitzy New York fundraiser hosted by Vogue magazine editor Anna Wintour and "Sex and the City" star Sarah Jessica Parker, whose character reigned as a symbol of consumerism during the bubble years.
The contrast could provide a rich target for Republicans, but Obama is under pressure to raise money wherever he can to counter what could be a billion-dollar effort to defeat him.
The slow drip of gloomy economic news continued on Thursday.
In a sign of lingering weakness in the job market, the Labor Department said the number of Americans filing new claims for unemployment benefits rose for the fifth time in six weeks.
Europe's economic crisis, which has eaten into U.S. economic growth, showed signs of worsening as Moody's Investment service downgraded Spain's credit rating to near-junk status, pushing borrowing costs for the euro zone's fourth-largest economy into the danger zone.
Obama, noting that Republicans in Congress had blocked many of his economic proposals, told his Ohio audience they could take the future into their hands on November 6.
"The only thing that can break the stalemate," he said, "is you. This November is your chance to render a verdict. ... You can move this nation forward."
SOURCE: http://www.reuters.com/article/2012/06/15/us-usa-campaign-obama-idUSBRE85C05O20120615
Seeking to gain some footing after a string of bad economic news and a political stumble, Obama said the November 6 election would put the United States on one of two paths: an economy built on education and scientific research that delivers a broadly shared prosperity, or a Republican approach that cuts taxes for the wealthy and undermines opportunity for many others.
"This November, you can remind the world how a strong economy is built - not from the top down, but from a growing, thriving middle class," Obama told a crowd of 1,500 at a community college gymnasium in Ohio, a politically divided state that could be key in determining who wins the November election.
Romney, the presumptive Republican presidential nominee, was not ceding the battlefield to Obama. Campaigning at the other end of Ohio, he struck first in a speech that ended four minutes before Obama took the stage.
With the economic recovery on the verge of stalling for the third summer in a row and Romney having pulled even with the president in voter surveys, Democratic allies have worried Obama could lose the election if he simply tried to convince voters they are better off than when he took office in 2009.
On Thursday, in a somber and deliberately paced presentation that recalled Obama's days as a law school lecturer, the president described a 20-year history of U.S. economics that began with the prosperous years of Democrat Bill Clinton's administration.
Obama then described the economic downturn during the administration of his predecessor, Republican President George W. Bush, and warned that Romney appeared ready to follow the same approach to the economy.
"We were told that huge tax cuts, especially for the wealthiest Americans, would lead to faster job growth," Obama said. "We were told that fewer regulations, especially for big financial institutions and corporations, would bring about widespread prosperity. "We were told that it was OK to put two wars on the nation's credit card; that tax cuts would create enough growth to pay for themselves.
"That's what we were told. So how did this economic theory work out? For the wealthiest Americans it worked out pretty well. ... But prosperity never trickled down to the middle class."
In essence, Obama - whose speech did not include any new economic ideas - appeared to be banking on the notion that voters will consider the U.S. economy's past and its potential, not just the present, when they vote this fall.
"He defined what I take to be his argument over the next five months," said Brookings Institution scholar William Galston, a former adviser to Clinton. "He is going to argue that nobody likes where we are now. The issue is what we'd do about it."
Romney remains a blank slate to many voters, but Obama's predecessor, Bush, is still unpopular. Two-thirds of Americans blame Bush for the troubled economy, according to a Gallup poll; only half point to Obama.
Standing behind a podium that bore the motto "FORWARD," Obama argued that a President Romney would bring back the weak oversight, budget-busting tax cuts and illusory growth that marked Bush's term.
"We can't afford to jeopardize the future by repeating the mistakes of the past. Not now, not when we've got so much at stake," he said.
VOTERS: FEW SIGNS OF IMPROVEMENT
Romney in his speech noted that Obama had "been president for 3 1/2 years."
"And talk is cheap; actions speak very loud. If you want to see the results of his economic policies, look around Ohio, look around the country," Romney said at Seilkop Industries, a Cincinnati manufacturer.
Ohio was hit hard by the recession but has bounced back, thanks to a natural-gas boom and strong growth in manufacturing and biotech.
Unemployment in the state, which peaked at 10.6 percent early in Obama's term, has since fallen to 7.4 percent, well below the national average of 8.2 percent. Obama's decision to bail out domestic automakers also has provided a boost.
"I think the people in Ohio recognize that we are better off than we were when President Obama took the oath of office," said former Ohio Governor Ted Strickland, a national co-chairman of Obama's campaign.
But focus groups indicate that many voters in Ohio and across the nation feel they are seeing few signs the economy is turning around.
Obama's approval ratings have slipped to their lowest level since January - to 47 percent from 50 percent a month ago - because of deep economic worries, wiping out most of his lead in the presidential race, a Reuters/Ipsos poll showed on Tuesday.
He did not help his cause last week when he said the private sector was "doing fine" compared with struggling local governments, a remark that Republicans said showed he had little understanding of Americans' economic troubles.
"It's not a campaign that is on strong footing right now," said Princeton historian Julian Zelizer. "I think the Democrats have reason to be nervous."
FROM GRIT TO GLITZ
After the speech, Obama headed from blue-collar Cleveland to a glitzy New York fundraiser hosted by Vogue magazine editor Anna Wintour and "Sex and the City" star Sarah Jessica Parker, whose character reigned as a symbol of consumerism during the bubble years.
The contrast could provide a rich target for Republicans, but Obama is under pressure to raise money wherever he can to counter what could be a billion-dollar effort to defeat him.
The slow drip of gloomy economic news continued on Thursday.
In a sign of lingering weakness in the job market, the Labor Department said the number of Americans filing new claims for unemployment benefits rose for the fifth time in six weeks.
Europe's economic crisis, which has eaten into U.S. economic growth, showed signs of worsening as Moody's Investment service downgraded Spain's credit rating to near-junk status, pushing borrowing costs for the euro zone's fourth-largest economy into the danger zone.
Obama, noting that Republicans in Congress had blocked many of his economic proposals, told his Ohio audience they could take the future into their hands on November 6.
"The only thing that can break the stalemate," he said, "is you. This November is your chance to render a verdict. ... You can move this nation forward."
SOURCE: http://www.reuters.com/article/2012/06/15/us-usa-campaign-obama-idUSBRE85C05O20120615
I understand exactly where you are coming from brice, I really do. But there is a clear difference in where each policy will get us. One deregulates the banking industry, makes the bush tax cuts permanant (one of those things that have added majorly to the deficity imo), repeal healthcare reform with nothing to replace it with, refuses to raise any kind of revenue under any circumstances.
The other wants to end the bush tax cuts, regulate the banking industry, give us health care reform, raise revenue, Total polar opposites. The first one got us where we are (use any name you like), the other while not stellar has shown some kind of progress regardless of how slow and it was done with a whole half the government having a sit out.
So, altho people get upset with the Bush name being bandied about. Romneys plan is more of the Bush policy. I dunno about anyone else, but the same policies being re implemented and expecting a different result just doesnt make sense to me. But hey! Thats me.
The other wants to end the bush tax cuts, regulate the banking industry, give us health care reform, raise revenue, Total polar opposites. The first one got us where we are (use any name you like), the other while not stellar has shown some kind of progress regardless of how slow and it was done with a whole half the government having a sit out.
So, altho people get upset with the Bush name being bandied about. Romneys plan is more of the Bush policy. I dunno about anyone else, but the same policies being re implemented and expecting a different result just doesnt make sense to me. But hey! Thats me.
I think you missed my point. My point was, while anyone sits and bashes Bush, they are taking the spotlight off of what is currently happening. It's a lot easier for a lot of people to sit and blame Bush for everything rather than getting something handled.
We haven't had a stellar recovery under this administration. Instead of focusing on that... the very thing we can actually do something about, its easier to blame Bush.
We haven't had a stellar recovery under this administration. Instead of focusing on that... the very thing we can actually do something about, its easier to blame Bush.
When you have a nominee wanting to take us back to the same policies that we are still trying to dig out from, Im not sure how you can separate the policies of bush and those of this nominee and the results of same which we are still digging out of?
The outcome of this election has very little to do with the economy in the very near future. Very little..... If the economy tanks again, nobody will blame the president. It will be Bush's fault.
By keeping it Bush's fault, it apparently makes it easier to talk about. That is precisely the problem. Everyone sits and talks, nobody does.
By keeping it Bush's fault, it apparently makes it easier to talk about. That is precisely the problem. Everyone sits and talks, nobody does.
For more on JP Morgan and who really owns our congress :
http://www.huffingtonpost.com/2012/06/15/jon-stewart-senate-jamie-dimon-video_n_1599689.html?utm_hp_ref=comedy
http://www.huffingtonpost.com/2012/06/15/jon-stewart-senate-jamie-dimon-video_n_1599689.html?utm_hp_ref=comedy
I listened to a real interesting piece on National Public Radio that kind of parallels this subject. The topic was about the pay and bonuses that JP Morgans CEO received, even though they had at least a $3 Billion dollar loss.
From what I understood from the bit, this CEO had a board that was filled with his friends, the majority of which were ex JP Morgan officials in other capacities. He was amongst friends, and regardless of a pitiful performance he was awarded a $16 million dollar bonus.....
http://money.cnn.com/2010/02/05/news/companies/dimon_chase_bonus/
From what I understood from the bit, this CEO had a board that was filled with his friends, the majority of which were ex JP Morgan officials in other capacities. He was amongst friends, and regardless of a pitiful performance he was awarded a $16 million dollar bonus.....
http://money.cnn.com/2010/02/05/news/companies/dimon_chase_bonus/
OK, I took my nap and had a Profound Revelation about Romney and Obama, the reason they seem to shine for some people.
"The old saying goes that "you can't polish a ****". Well, that's no longer true. The Original Dr. Guff's **** Polish really works. If you have a product that doesn't work worth a crap, you can really make it shine with a generous coat, or two of my polish.
With a can of my polish, you can make almost any piece of crap shine. Order yours today!
Who is Dr. Guff:
As an engineer, Dr. Guff was constantly being directed to rush product design and development to meet an unrealistic deadline. The primary sources of this were of course sales folks who promised delivery without concern for all of those meaningless details such as “can we really do this”.
http://guffsturdpolish.com/index.html
"The old saying goes that "you can't polish a ****". Well, that's no longer true. The Original Dr. Guff's **** Polish really works. If you have a product that doesn't work worth a crap, you can really make it shine with a generous coat, or two of my polish.
With a can of my polish, you can make almost any piece of crap shine. Order yours today!
Who is Dr. Guff:
As an engineer, Dr. Guff was constantly being directed to rush product design and development to meet an unrealistic deadline. The primary sources of this were of course sales folks who promised delivery without concern for all of those meaningless details such as “can we really do this”.
http://guffsturdpolish.com/index.html
Evidently not you, so go take a nap.
Yyyyyyyyyyyaaaaaaaaaaawwwwwwwwwnnnnnnnnn.
I'm sorry, I nodded off.
Did someone have something Profound to say about Obama or Romney?
I'm sorry, I nodded off.
Did someone have something Profound to say about Obama or Romney?
Well let me see, Romney wants to return everything back to the policies during the Bush Administration. We see where that got us didnt we? He thinks students should borrow money off the parents to go to college and not get student loans. He wants to repeal Obamacare, altho he has no plan of what to replace it with and wants to do away with the pre existing clause altogether. He has no common sense, has signed the pledge to Norquist back in 2007. Yep pretty much does it for me.
I listened to both speaches in Ohio yesterday. There is a clear difference in the men and policies. Romneys guys were circling the Obama speech with his huge motorcoach while all this was going on. Bully tactics. I hope they continue that as it will help Obama.
All this obscene amount of money floating around bothers me. But that is why they wanted the citizens united passed. Just for this express reason.imo
Obama wants to regulate Wall Street, Romney wants to de regulate them
Obama wants to end the bush tax cuts, Romney wants to make them permanant.
Obama wants to keep the interest from raising on student loans, Romeny says borrow from Mom if you want to go to college.
Obama wants healthcare reform and to end pre existing conditions. Romney says do away with banning pre existing. To name a few.
Romeny wants to adopt the Ryan plan that gives guys like him huge tax breaks while sticking it to the middle class as theirs will actually rise under the ryan plan.
Obama wants to protect medicare and ss, Romney wants to revise them as under the Ryan plan.
And these are just off the top of my head.
I listened to both speaches in Ohio yesterday. There is a clear difference in the men and policies. Romneys guys were circling the Obama speech with his huge motorcoach while all this was going on. Bully tactics. I hope they continue that as it will help Obama.
All this obscene amount of money floating around bothers me. But that is why they wanted the citizens united passed. Just for this express reason.imo
Obama wants to regulate Wall Street, Romney wants to de regulate them
Obama wants to end the bush tax cuts, Romney wants to make them permanant.
Obama wants to keep the interest from raising on student loans, Romeny says borrow from Mom if you want to go to college.
Obama wants healthcare reform and to end pre existing conditions. Romney says do away with banning pre existing. To name a few.
Romeny wants to adopt the Ryan plan that gives guys like him huge tax breaks while sticking it to the middle class as theirs will actually rise under the ryan plan.
Obama wants to protect medicare and ss, Romney wants to revise them as under the Ryan plan.
And these are just off the top of my head.
I'm still not worried...He's going to be re-elected...Not by a landslide this time but he WILL be re-elected....
Holy cow... "Obama's approval ratings have slipped to their lowest level since January - to 47 percent from 50 percent a month ago"
47%... that's an AMAZING approval rating, all things considered. Wasn't Bush's approval rating, towards the end, in the high 20's or something?
Not that all presidential elections aren't riveting and poignant and brutal and interesting to watch, but THIS election...
THIS election is going to be a fight-to-the-death!
Seriously... they should put the election on Pay-Per-View or something!!!
47%... that's an AMAZING approval rating, all things considered. Wasn't Bush's approval rating, towards the end, in the high 20's or something?
Not that all presidential elections aren't riveting and poignant and brutal and interesting to watch, but THIS election...
THIS election is going to be a fight-to-the-death!
Seriously... they should put the election on Pay-Per-View or something!!!
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